This corporate presentation discusses the company's operations in Mexico, including its Guanajuato Mine Complex, which accounted for 75% of total production in Q2 2016. It produced 774,160 silver equivalent ounces and 366,943 ounces of silver during this period, with cash costs per silver ounce of $1.72 and all-in sustaining costs of $7.19. The presentation provides an overview of recent financial and operating performance, compares costs to peers, and outlines opportunities for growth in Mexico.

1. Corporate Presentation
October 5, 2016

2. This presentation contains forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and forward-looking information within
the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such
forward-looking statements may include but are not limited to the Company's plans for
production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in
Mexico, the overall economic potential of its properties, the availability of adequate financing
and involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements expressed or implied by such forward-looking
statements to be materially different. Such factors include, among others, risks and
uncertainties relating to potential political risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates and the potential for
unexpected costs and expenses, physical risks inherent in mining operations, currency
fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic
evaluations, changes in project parameters as plans continue to be refined, the inability or
failure to obtain adequate financing on a timely basis, and other risks and uncertainties,
including those described in the Company's Annual Information Form for the year ended
December 31, 2015 and Material Change Reports filed with the Canadian Securities
Administrators available at www.sedar.com, and reports on Form 40-F and Form 6-K filed with
the Securities and Exchange Commission and available at www.sec.gov.
Statements concerning mineral reserve and resource estimates may also be deemed to
constitute forward-looking statements to the extent that they involve estimates of the
mineralization that will be encountered if the property is developed. Any statements that
express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always,
using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or
stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, or the negative of any of these terms and similar expressions) are
not statements of historical fact and may be forward-looking statements.
Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in this
presentation.
2
DISCLAIMER

3. 3
The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this
document are Canadian mining terms as defined in National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) and CIM Standards on Mineral Resources and
Mineral Reserves. Mineral resources that are not mineral reserves have not been
demonstrated to be economically and legally extractable. Mineral resource estimates do not
account for mineability, selectivity, mining loss and dilution. It should not be assumed that all
or any part of a resource will ever be converted to a reserve. The mineral resource estimates
presented herein include Inferred mineral resources that are normally considered too
speculative geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that these Inferred
resources will be converted to Measured and Indicated resource categories through further
drilling, or into mineral reserves once economic considerations are applied.
We advise U.S. Investors that while the terms "Measured resource", "Indicated resource" and
"Inferred resource" are recognized and required to be reported by Canadian regulations, the
U.S. Securities and Exchange Commission ("SEC") does not recognize these terms and does
not normally permit such terms to be used in reports and registration statements filed with
the SEC. As such, information contained in this document concerning descriptions of
mineralization and resources under Canadian standards may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure
requirements of the SEC. Inferred resources have a great amount of uncertainty as to their
existence and a great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of a Measured, Indicated or Inferred resource will ever be
upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all
of an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors are
also cautioned not to assume that any part or all of the mineral deposits in the Measured
resource or Indicated resource categories will ever be converted into reserves.
CAUTIONARY NOTE
TO U.S. INVESTORS

4. 44
BUILDING A FOUNDATION FOR GROWTH
1. As at June 30, 2016
SILVER-GOLD
90% precious metals
Unhedged - No Royalties - No Streams
PRODUCER
Two 100% owned mining operations in
Mexico; potential for production in Peru
GROWTH
Significantly lowered cost/oz through
higher grades and operational efficiencies
STRENGTH
Strong balance sheet; no debt;
C$28.8M cash, C$49.4M working capital1
DISCIPLINED
Organic growth potential and seeking
acquisitions

5. 5
MAINTAINING LOW COSTS
5
3.8 – 3.9
Guidance
Cost per ounce has improved due to increased grades, better grade control and
stronger USD
$6.63 $6.50
$8.14
$4.20
$1.72
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Total cash cost per Ag oz (USD)
Average realized silver price (USD)
$12.54 $13.08
$15.10
$9.25
$7.19
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
All-in sustaining cost per Ag oz (USD)
Average realized silver price (USD)

6. 6
RECENT FINANCIAL PERFORMANCE
3.8 – 3.9
Guidance
Maintained strong balance sheet, no debt
Solid revenue and gross profit despite declining metal prices, achieved through
increased production and significant reduction in cash cost
$15.47
$13.98 $13.57 $16.19
$17.82
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Revenue (CAD in thousands)
Average realized silver price (USD)
$15.47
$13.98 $13.57
$16.19
$17.82
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Mine operating earnings before non-cash items (CAD in thousands)
Average realized silver price (USD)

7. 7
AISC AMONGST OUR PEERS
GPR’s operations are outperforming many of our peers on AISC
Average
Ag Spot
Price
$-
$5.00
$10.00
$15.00
$20.00
$25.00
SanJose
Caylloma
Consolidated
Guanacevi
Bolanitos
ElCubo
Consolidated
LaEncantada
LaParilla
DelToro
SanMartin
LaGuitarra
SantaElena
Consolidated
Platosa
Cosala
Galena
Consolidated
Avino
GMC
Topia
Consolidated
Fortuna Endeavour First Majestic Excellon Americas Silver Avino
Silver
Great
Panther
.FY 2015 AISC

8. 8
FINANCIAL SUMMARY
1. The Company has included the non-IFRS performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, cost of sales before
non-cash items and adjusted EBITDA throughout this document. Refer to the Non-IFRS Measures section of this MD&A for an explanation of these measures and
reconciliation to the Company’s reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly
titled measures used by others.
2. Average realized silver price is prior to smelting and refining charges.
in 000s except amounts
per share and per ounce Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015
Revenue $ 25,576 $ 18,454 $ 17,152 $ 16,788 $ 19,183
Mine operating earnings
before non-cash items1 $ 13,165 $ 7,746 $ 4,907 $ 5,763 $ 6,713
Net income (loss) $ (1,738) $ (4,461) $ (4,860) $ (3,348) $ (4,722)
Adjusted EBITDA1 $ 9,847 $ 3,733 $ (557) $ 2,155 $ 4,205
Earnings (loss) per share – basic $ (0.01) $ (0.03) $ (0.03) $ (0.02) $ (0.03)
Earnings (loss) per share – diluted $ (0.01) $ (0.03) $ (0.03) $ (0.02) $ (0.03)
Total cash cost per Ag oz (USD)1 $ 1.72 $ 4.20 $ 8.14 $ 6.50 $ 6.63
All-in sustaining cost per Ag oz (USD)1 $ 7.19 $ 9.25 $ 15.10 $ 13.08 $ 12.54
Average realized silver price (USD)2 $ 17.82 $ 16.19 $ 13.57 $ 13.98 $ 15.47

9. 9
MEXICO
Top silver producing country in the world

10. 10
One of Mexico’s most historic mining
districts with past production of more
than one billion Ag oz over 400 years
Expanding production at Guanajuato
Mine Complex (GMC), developing new
mines and exploring the district
Commercial production at San Ignacio
commenced June 2014, lifting GMC
throughput to 1,050 t/day in H1/16
Excellent infrastructure means that
other projects in the district have
potential to be satellite operations
GUANAJUATO DISTRICT (Ag-Au)

11. 11
GUANAJUATO MINE (Ag-Au)
Historic underground mine with two operating shafts & three ramps
Currently mining & developing to 600m depth on several zones over 4km strike length
Higher cut-off grades & improvements in grade control have lowered costs
Ag-Au concentrate shipped to smelters in Japan & Germany
* For details on Mineral Resource Estimates, refer to slide 28

12. 12
GUANAJUATO MINE COMPLEX (Ag-Au)
Accounts for 75% of total production 1
Q2 2016
Metal Production (Ag eq oz1,2)
Silver Production (Ag oz1)
774,160
366,943
Recoveries Ag/Au 85.3% / 85.2%
Average Grades
159g/t Ag
2.52g/t Au
Cash Cost/Ag oz2,3,4
All-in Sustaining Cost/Ag oz2,3,4
(US$1.19)
US$2.22
Ore processed (tonnes) 84,134
1. Includes all mill feed from San Ignacio.
2. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio.
3. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-IFRS
performance measures. Refer to the “Non-IFRS Measures” section of the Company’s MD&A for an explanation of
these measures and reconciliation to the Company’s reported financial results in accordance with IFRS. As these
are not standardized measures, they may not be directly comparable to similarly titled measures used by others.
4. As at June 30, 2016.

13. 13
SAN IGNACIO MINE (Ag-Au)
Q2 2016
Metal Production (Ag eq oz1) 467,354
Ore processed (tonnes) 51,974
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio.
Significant potential for resource expansion
over 4km strike length
Accounted for 62% of the overall metal
production from the GMC in Q2 2016
Currently producing at 550 tpd, expanding to
approximately 700 tpd by year end
Ramp access from surface. Ore trucked 22km
to Cata Plant in Guanajuato

14. 14
TOPIA MINE (Ag-Pb-Zn-Au)
Property covers most of district – more
than 6,500 hectares
Operating 9 separate mines provides
flexibility
High grade, narrow vein underground
mining with central plant
Expanding production at profitable mines;
Can temporarily close others as needed
Lead and zinc concentrates sold to metal
trader in Mexico
Increased M&I Resources by 41%,
Inferred Resources by 29%

15. 15
TOPIA MINE (Ag-Pb-Zn-Au)
Q2 2016
Metal Production (Ag eq oz¹)
Ag Production (Ag oz)
263,568
169,783
Recoveries Ag/Au
Pb/Zn
91.3% / 64.0%
95.2% / 95.7%
Average Grades 367g/t Ag, 0.59g/t Au
1.93% Pb, 2.87% Zn
Cash Cost/Ag oz2,3
All-in Sustaining Cost/Ag oz2,3
US$10.35
US$11.49
Ore processed (tonnes) 15,771
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 and
1:0.054 for the price/ounce of silver to lead and zinc respectively.
2. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are
non-IFRS performance measures. Refer to the “Non-IFRS Measures” section of the Company’s
MD&A for an explanation of these measures and reconciliation to the Company’s reported financial
results in accordance with IFRS. As these are not standardized measures, they may not be directly
comparable to similarly titled measures used by others.
3. As at June 30, 2016.
Accounts for 25% of total production

16. 16
ANNUAL PRODUCTION GROWTH
3.8 – 3.9
Guidance
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
2011 2012 2013 2014 2015 2016E
2,200,013
2,378,603
2,840,846
3,187,832
4,159,121
Guidance
4,000,000 -
4,200,000

17. 17
2016 OUTLOOK
1. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0504 for the US dollar price of silver ounces to the US
dollar price for lead and zinc pounds, respectively. These ratios will be applied consistently for the reporting of silver equivalent ounce production for 2016.
2. “Cash cost” and “AISC” are non-IFRS measures. Refer to the “Non-IFRS measures” section of the Company’s MD&A for complete definitions and reconciliations to
the company’s financial statements.
Production and Cash
Cost Guidance
FY
2015 Actual
2016
Original Guidance
2016
Revised Guidance
Total silver equivalent
ounces 1 4,159,121 4,000,000 – 4,200,000 No Change
Cash Cost per silver
payable ounce (USD) 2 $7.50 $5.00 – $7.00 $4.00 – $6.00
AISC (USD)2, 13.64 $13.00 – $15.00 $12.00 – $14.00

18. 18
CAPITAL STRUCTURE
Shares issued 166,325,601
Fully diluted 186,379,150
Institutional ownership ~22%
Market capitalization CA $261M
90-day daily average trading volume ~2.0M shares
52-week trading range:
TSX
NYSE MKT
CA $0.54 - $2.82
US $0.41 - $2.25
Cash position1
CA $28.8M (no debt)
Gross proceeds from July 6, 2016 financing US $29.9M
Net working capital1
CA $49.4 M
Updated on October5, 2016
1. As at June 30, 2016.
Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company

19. 19
ONE YEAR STOCK PERFORMANCE

20. 20
Great Panther Silver
LEVERAGED TO SILVER
-100%
0%
100%
200%
300%
400%
500%
600%
700%
800%
2008 2009 2010 2011 2012 2013 2014 2015 2016

21. 21
12 MONTH PEER COMPARISON
CHANGE
Excellon 339.47%
Impact 293.75%
Great Panther 185.45%
Fortuna 169.77%
Endeavour 156.70%
Avino 89.06%
Americas Silver 80.56%
Sierra Metals 71.72%
Silver 17.38%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
550%
600%
650%
700%

22. 22
WHY GREAT PANTHER SILVER?
Low cost producer with strong leverage to silver price
Strong balance sheet, no debt – seeking acquisitions
Successfully grown production while reducing unit costs
Demonstrated ability to acquire and develop assets
Excellent liquidity on NYSE MKT and TSX

23. 23
APPENDIX

24. 24
DIRECTORS & SENIOR MANAGEMENT TEAM
Board of Directors
R.W. (Bob) Garnett, CPA, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.;
John Jennings, MBA, CFA; W. James Mullin B.Sc.; Jeffrey R. Mason, CA, ICD.D
Robert Archer, P. Geo.
President & CEO
Co-founder
Jim Zadra, CPA, CA, MBA
Chief Financial Officer
Ali Soltani
Chief Operating Officer
Robert Brown, P. Eng.
VP Exploration & QP

25. 25
SOCIAL PRINCIPLES
We are committed to fair and equitable employment
conditions for our employees
We are committed to ensuring our employees and
contractors return home safely every day
We are committed to enhancing and benefiting
the communities in which we live and operate
We are committed to minimizing and restoring
any impact on our environment
We are committed to strong ethics and we abide by all
rules and regulations that apply to our business Awarded distinction as a “Socially Responsible Company” by CEMEFI, Centro
Mexicano para la Filantropía, for a fifth consecutive year in 2015

26. 26
OPERATIONAL SUMMARY
Consolidated Operations Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015
Tonnes Milled 99,905 88,683 94,874 93,730 87,476
Silver ounces 536,726 539,472 553,189 586,918 648,810
Gold ounces 6,010 5,599 5,637 6,079 5,322
Lead tonnes 290 282 278 341 300
Zinc tonnes 433 424 425 493 491
Silver equivalent ounces12 1,037,728 1,009,828 1,002,584 1,080,296 1,088,355
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0504 for the price/ounce of silver to lead and zinc price/pound respectively.
2. Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to lead and zinc price/pound,
respectively.

27. 27
DRILLING SUMMARY
2016 Drilling focused on increasing resources and
exploring new zones
2012 2013 2014 2015 2016
Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 9,670 m
Topia 8,059 m 2,162 m 1,903 m - 2,500 m
San Ignacio 9,310 m 1,144 m 3,827 m 4,657 m 6,015 m
Coricancha - - - 2,323 m 3,551 m
Santa Rosa 1,653 m - - - 1,000 m
El Horcon - 2,156 m - - 1,500 m
Total 48,276 m 31,699 m 19,000 m 20,005 m 24,236 m

28. 28
RESOURCES
NOTE: Mineral Resource Estimates for Guanajuato and El Horcon use an effective date of July 31, 2015 while San Ignacio uses an effective date of December 31, 2015; and all
used a metal price outlook of US$15.00/oz silver and US$1,100/oz gold.| Topia, November 2014 - US$1,200/oz Au, US$17.00/oz Ag, US$0.90/lb Pb, and US$0.95/lb Zn. Silver
equivalent calculations used the same metal pricing. | San Ignacio, December 2015 - US$15.00/oz Ag; US$1100/oz Au. | Silver equivalent calculations for El Horcon include
lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia,
San Ignacio and El Horcon.
Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 249,800 151 3.39 1,210,100 27,200 3,130,400
Guanajuato 90,400 285 1.81 - - 829,000 5,300 1,200,600
Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200
Total Measured 5,554,100 40,800 10,331,200
Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 110,500 133 2.79 - - 471,900 9,900 1,170,800
Guanajuato 59,400 245 1.04 - - 467,700 2,000 607,400
Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000
Total Indicated 4,372,600 18,100 7,348,200
Total Measured + Indicated 9,926,700 58,900 17,679,400
Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 771,000 138 2.76 - - 3,428,500 68,500 8,266,200
Guanajuato 135,600 151 2.30 - - 656,400 10,000 1,363,300
Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000
El Horcon 128,700 82 3.64 2.97 4.11 339,400 15,000 1,906,000
Total Inferred 11,231,800 108,560 22,585,500

29. 29
Spiros Cacos
Director, Investor Relations
D: +1 604 638 8955
TF: 1 888 355 1766
scacos@greatpanther.com
Gr8_Panther
GreatPantherSilver
Great Panther Silver
Great Panther Silver Limited
SOCIAL SCENE

30. Corporate Presentation
October 5, 2016